Question Completion Status: QUESTION 4 The collection of an account receivable will cause total assets to decrease. True False QUESTION 5 On March 1, Spammie Co. paid $3,120 in advance for four month's insurance. If Spammie adjusts its books monthly, Spammie would have to make an adjusting entry at March 31 which includes a debit to Prepaid Insurance and a a credit to insurance expense in the amount of $780. True False QUESTION 6 Net Income from the income Statement will also appear on The Statement of Retained Earnings. True False